{"id":476298,"date":"2021-11-13T09:21:02","date_gmt":"2021-11-13T09:21:02","guid":{"rendered":"https:\/\/wncen.com\/?p=476298"},"modified":"2021-11-13T09:39:18","modified_gmt":"2021-11-13T09:39:18","slug":"this-is-hilarious-bitcoin-denier-steve-hanke-is-into-ethereum-now","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/this-is-hilarious-bitcoin-denier-steve-hanke-is-into-ethereum-now\/","title":{"rendered":"This Is Hilarious: Bitcoin Denier Steve Hanke Is Into Ethereum Now"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Did Steve Hanke find a way out of the hole he\u2019s been digging himself into for all these years? The economist holds the world record for the person with the highest number of terrible Bitcoin takes, with almost 13 years of failed predictions. And now, out of nowhere, he seems to like the world\u2019s second cryptocurrency by market capitalization. What does he like about Ethereum, though? The \u201c<\/span><i><span style=\"font-weight: 400\">560% price surge this year<\/span><\/i><span style=\"font-weight: 400\">,\u201d of course. But there\u2019s more&#8230;\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Ethereum is giving Bitcoin a run for its money. Ethereum has become increasingly popular amongst DeFi and NFTs, resulting in a 560% price surge this year. Has the look of a bubble. But, is it?<a href=\"https:\/\/t.co\/2fkvuNoRWz\" rel=\"nofollow\">https:\/\/t.co\/2fkvuNoRWz<\/a><\/p>\n<p>&mdash; Steve Hanke (@steve_hanke) <a href=\"https:\/\/twitter.com\/steve_hanke\/status\/09980162?ref_src=twsrc%5Etfw\" rel=\"nofollow\">November 12, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">Wait\u2026 is Steve Hanke into NFTs? The man said, \u201c<\/span><i><span style=\"font-weight: 400\">Ethereum has become increasingly popular amongst DeFi and N<\/span><\/i><span style=\"font-weight: 400\">FTs\u201d without a hint of irony. He also said, \u201c<\/span><i><span style=\"font-weight: 400\">Ethereum is giving Bitcoin a run for its money<\/span><\/i><span style=\"font-weight: 400\">,\u201d which is the most positive thing Steve Hanke has said about Bitcoin in over a decade. And, in the end there, he leaves space for possible deniability, \u201c<\/span><i><span style=\"font-weight: 400\">Has the look of a bubble. But, is it?<\/span><\/i><span style=\"font-weight: 400\">\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">The economist also links to an extremely <a href=\"https:\/\/edition.cnn.com\/2021\/11\/10\/investing\/ethereum-bitcoin-cryptocurrencies\/index.html\" rel=\"nofollow\">basic and clumsy CNN article<\/a>. Is Steve Hanke warming up to cryptocurrencies? Or is there some other dynamic at play here?<\/span><\/p>\n<h2><span style=\"font-weight: 400\">The Article Steve Hanke Linked To<\/span><\/h2>\n<p><span style=\"font-weight: 400\">This run-of-the-mill article doesn\u2019t really say much. Its main message is the price action anyone reading NewsBTC is probably already familiar with.<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cEthereum, or ether for short, is also trading at record levels. It&#8217;s now hovering around $4,850, having soared more than 560% this year, compared to the &#8220;mere&#8221; 135% pop for bitcoin. Crypto investors are betting that ether will continue to be used as the backbone for even more non-fungible tokens, or NFTs, as well as so-called smart contracts.\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">Ok, what else do you got for us? Not much. It\u2019s all over the place. It breaks down the total cryptocurrency market capitalization, introduces the concept of the mythical \u201cflippening,\u201d and tries to keep people away from meme coins. To accomplish this, CNN quotes Paxfull\u2019s Ray Youssef saying, &#8220;<\/span><i><span style=\"font-weight: 400\">Ether and bitcoin versus meme coins are like the difference between blue chips and penny stocks you get a call about from a guy in a boiler room<\/span><\/i><span style=\"font-weight: 400\">.&#8221; The article also talks about inflation, how could it not?, and introduces ETFs into the picture.<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cThe rise of bitcoin ETFs also could be good news for ethereum, because experts predict that similar ether ETFs could soon launch. That will make it even easier for average investors and big money management firms to buy into the crypto.\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">So, all in all, it doesn\u2019t say much and the only clear fact it presents is that Ethereum had a better year than Bitcoin. Why did Steve Hanke link to it, then?<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-476300 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/ETHUSD_2021-11-13_06-08-39.png?resize=460%2C257\" alt=\"ETHUSD price chart for 11\/13\/2021 - TradingView\" width=\"460\" height=\"257\"><\/p>\n<pre style=\"text-align: center\">ETH price chart for 11\/13\/2021 on Bitfinex | Source: ETH\/USD on <a href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/\" rel=\"nofollow\">TradingView.com<\/a><\/pre>\n<h2><span style=\"font-weight: 400\">Is Hanke Trying To Find A Lifeboat?<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Here at NewsBTC, we constantly argue with Steve Hanke. Just in the last year, we responded to him calling Bitcoin <\/span><a href=\"https:\/\/wncen.com\/news\/bitcoin\/john-hopkins-economist-blasts-bitcoin-calls-it-illegitimate-currency\/\"><span style=\"font-weight: 400\">not legitimate<\/span><\/a><span style=\"font-weight: 400\">, <\/span><a href=\"https:\/\/wncen.com\/news\/bitcoin\/economist-steve-hanke-bitcoin-not-currency-speculative-asset\/\"><span style=\"font-weight: 400\">not a currency<\/span><\/a><span style=\"font-weight: 400\">, and the concept of it <\/span><a href=\"https:\/\/wncen.com\/news\/bitcoin\/top-economist-calls-bitcoin-as-legal-tender-stupid-heres-why-hes-wrong\/\"><span style=\"font-weight: 400\">being legal tender \u201cstupid<\/span><\/a><span style=\"font-weight: 400\">.\u201d And now, Hanke seems to like Ethereum. Why? Is it because Ethereum\u2019s internal policies are more akin to the traditional banking system he\u2019s accustomed to? Or did Hanke realize that cryptocurrencies are here to stay and is too afraid to admit he was wrong about Bitcoin for all these years?<\/span><\/p>\n<p><span style=\"font-weight: 400\">In any case, the main reaction in his replies so far is mockery. Even notorious Ethereum defender <\/span><a href=\"https:\/\/twitter.com\/udiWertheimer\/status\/45113088\" rel=\"nofollow\"><span style=\"font-weight: 400\">Udi Wertheimer said<\/span><\/a><span style=\"font-weight: 400\">, \u201c<\/span><i><span style=\"font-weight: 400\">this is the most bearish ethereum signal i\u2019ve seen in my entire life.<\/span><\/i><span style=\"font-weight: 400\">\u201d Let\u2019s keep an eye on Hanke&#8217;s Twitter feed and see what the economist says about Ethereum in the next few days. This is going to be interesting.<\/span><\/p>\n<pre style=\"text-align: center\">Featured Image: <a href=\"https:\/\/pixabay.com\/users\/robinhiggins-1321953\/\" rel=\"nofollow\">RobinHiggins<\/a> at Pixabay | Charts by <a href=\"https:\/\/www.tradingview.com\/\" rel=\"nofollow\">TradingView<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Did Steve Hanke find a way out of the hole he\u2019s been digging himself into for all these years? The economist holds the world record for the person with the highest number of terrible Bitcoin takes, with almost 13 years of failed predictions. And now, out of nowhere, he seems to like the world\u2019s second cryptocurrency by market capitalization. What does he like about Ethereum, though? The \u201c560% price surge this year,\u201d of course. But there\u2019s more&#8230;\u00a0 Ethereum is giving Bitcoin a run for its money. Ethereum has become increasingly popular amongst DeFi and NFTs, resulting in a 560% price surge this year. Has the look of a bubble. But, is it?https:\/\/t.co\/2fkvuNoRWz &mdash; Steve Hanke (@steve_hanke) November 12, 2021 Wait\u2026 is Steve Hanke into NFTs? The man said, \u201cEthereum has become increasingly popular amongst DeFi and NFTs\u201d without a hint of irony. He also said, \u201cEthereum is giving Bitcoin a run for its money,\u201d which is the most positive thing Steve Hanke has said about Bitcoin in over a decade. And, in the end there, he leaves space for possible deniability, \u201cHas the look of a bubble. But, is it?\u201d The economist also links to an extremely basic and clumsy CNN article. Is Steve Hanke warming up to cryptocurrencies? Or is there some other dynamic at play here? The Article Steve Hanke Linked To This run-of-the-mill article doesn\u2019t really say much. Its main message is the price action anyone reading NewsBTC is probably already familiar with. \u201cEthereum, or ether for short, is also trading at record levels. It&#8217;s now hovering around $4,850, having soared more than 560% this year, compared to the &#8220;mere&#8221; 135% pop for bitcoin. Crypto investors are betting that ether will continue to be used as the backbone for even more non-fungible tokens, or NFTs, as well as so-called smart contracts.\u201d Ok, what else do you got for us? Not much. It\u2019s all over the place. It breaks down the total cryptocurrency market capitalization, introduces the concept of the mythical \u201cflippening,\u201d and tries to keep people away from meme coins. To accomplish this, CNN quotes Paxfull\u2019s Ray Youssef saying, &#8220;Ether and bitcoin versus meme coins are like the difference between blue chips and penny stocks you get a call about from a guy in a boiler room.&#8221; The article also talks about inflation, how could it not?, and introduces ETFs into the picture. \u201cThe rise of bitcoin ETFs also could be good news for ethereum, because experts predict that similar ether ETFs could soon launch. That will make it even easier for average investors and big money management firms to buy into the crypto.\u201d So, all in all, it doesn\u2019t say much and the only clear fact it presents is that Ethereum had a better year than Bitcoin. Why did Steve Hanke link to it, then? ETH price chart for 11\/13\/2021 on Bitfinex | Source: ETH\/USD on TradingView.com Is Hanke Trying To Find A Lifeboat? Here at NewsBTC, we constantly argue with Steve Hanke. Just in the last year, we responded to him calling Bitcoin not legitimate, not a currency, and the concept of it being legal tender \u201cstupid.\u201d And now, Hanke seems to like Ethereum. Why? Is it because Ethereum\u2019s internal policies are more akin to the traditional banking system he\u2019s accustomed to? Or did Hanke realize that cryptocurrencies are here to stay and is too afraid to admit he was wrong about Bitcoin for all these years? In any case, the main reaction in his replies so far is mockery. Even notorious Ethereum defender Udi Wertheimer said, \u201cthis is the most bearish ethereum signal i\u2019ve seen in my entire life.\u201d Let\u2019s keep an eye on Hanke&#8217;s Twitter feed and see what the economist says about Ethereum in the next few days. This is going to be interesting. Featured Image: RobinHiggins at Pixabay | Charts by TradingView<\/p>\n","protected":false},"author":539,"featured_media":476299,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[428,9960,1371,8379,1946,82423,15037,79592,84692,84691],"class_list":["post-476298","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-bitcoin","tag-bitcoin-etfs","tag-cnn","tag-etfs","tag-ethereum","tag-nfts","tag-ray-youssef","tag-steve-hanke","tag-stevehanke-eth","tag-udi-wertheimer"],"acf":[],"yoast_head":"\n<title>This Is Hilarious: Bitcoin Denier Steve Hanke Is Into Ethereum Now<\/title>\n<meta name=\"description\" content=\"Did Steve Hanke find a way out of the hole he\u2019s been digging himself into for all these years? 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